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Tax Credit Investments (Tables)
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments
The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at June 30, 2021 and December 31, 2020:
June 30,
2021
December 31,
2020
(in thousands)
Other Assets:
Affordable housing tax credit investments, net$18,298 $20,074 
Other tax credit investments, net43,066 47,301 
Total tax credit investments, net
$61,364 $67,375 
Other Liabilities:
Unfunded affordable housing tax credit commitments$1,379 $1,379 
    Total unfunded tax credit commitments$1,379 $1,379 
Affordable Housing Tax Credit Investments and Other Tax Credit Investments
The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and six months ended June 30, 2021 and 2020: 

Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits$899 $1,393 $1,796 $2,627 
Other tax credit investment credits and tax benefits2,743 2,540 5,428 3,840 
Total reduction in income tax expense
$3,642 $3,933 $7,224 $6,467 
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses$460 $537 $1,003 $1,091 
Affordable housing tax credit investment impairment losses
431 665 772 1,083 
Other tax credit investment losses351 679 524 1,223 
Other tax credit investment impairment losses1,730 1,535 3,417 3,247 
Total amortization of tax credit investments recorded in non-interest expense$2,972 $3,416 $5,716 $6,644